Thursday, October 13, 2011

I see that Warren Buffett paid $7 million last year in federal income taxes. He and I are two American citizens who have a duty to contribute to our country. I'm a middle-income college professor. The federal government paid me $2,000 last year (I paid in 2k and got a return of 4k). How am I getting screwed, exactly?

Laurence Kotlikoff notes that many who save in tax deferred accounts will pay a higher rate when they withdraw that money than they would pay now. He thinks that government saw tons of boomers retiring and figured it would be a good idea to figure a way to tax them after they retire. Interesting idea.

"Laurence Kotlikoff notes that many who save in tax deferred accounts will pay a higher rate when they withdraw that money than they would pay now. He thinks that government saw tons of boomers retiring and figured it would be a good idea to figure a way to tax them after they retire. Interesting idea."

Yep, I am a retired teacher who put into a 403b for over 30 years. I haven't started drawing on the funds yet, but I just listened to Mark Levin tell me about the Dems plans to raid everyone's 403b's and 401k's with increased tax burdens. Bastards.

My wager is that our host has lots of kids. The child tax credit can be pretty large when you've got several. In addition, I bet he's got a mortgage, state income tax, and probably charitable contributions also.

Everyone should have to pay some taxes. There should be NO net gains-- for anyone. No matter how small the contribution from those who make little, everyone should have skin in the game or else they won't hold the pols feet to the fire for how the money is spent.

Profile

"The creation myth was the essential bond that held the tribe together. It provided its believers with a unique identity, commanded their fidelity, strengthened order, vouchsafed law, encouraged valor and sacrifice, and offered meaning to the cycles of life and death. No tribe could survive long without the meaning of its existence defined by a creation story. The option was to weaken, dissolve, and die." ~ E.O. Wilson